Ultra-wealthy families want to donate more to charity and measure the impact of their donations more clearly, according to a poll by SEI, a provider of investment management business outsourcing services.
The survey canvassed more than 200 individuals representing families with more than $10 million in financial assets on average.
The poll found that ultra-wealthy families would ideally like to allocate 19.1% of their wealth to charitable causes annually, up from the 12.2% they currently allocate on average. More than one in five (22%) worry they may not be doing enough to make a difference, with 82% subscribing to the belief that greater wealth brings a greater obligation to be philanthropic.
About four in 10 (41%) said they would increase their charitable giving in a material way if they had more confidence that the level of their wealth would continue to support their lifestyle and their family, according to the survey. Almost as many (39%) said they would increase their giving substantially if the market improves their financial situation.
The most important factor the wealthy consider when donating money is evidence that the organization is having an impact (48%), followed by how the organization will use the donation (31%). When measuring the results of their philanthropic activities, nearly two-thirds (65%) used social impact as their preferred measure, while less than half (45%) used numeric measures specific to the cause, such as improved literacy figures and reduced health issues.
More than half (51%) said that economic benefits, such as tax incentives, were the least important factor when deciding to give to charity.